Barclays has announced strong earnings for the fourth quarter of 2024, driven by exceptional performance in its investment banking division. The British bank reported a 12% increase in net profit, reaching £1.8 billion (2.3billion),while revenue grew (82.3billion).
The bank’s fixed-income trading and advisory services were key drivers of growth, offsetting weaker performance in other segments. Barclays also credited its cost-cutting measures, including workforce reductions and operational streamlining, for improving profitability.
“Despite a challenging macroeconomic environment, we have delivered a strong quarter by focusing on strategic priorities and operational efficiency,” said Barclays CEO C.S. Venkatakrishnan. “Our investment banking division continues to be a significant contributor to our success.”
Analysts have lauded Barclays’ ability to deliver consistent growth but warn that the bank’s reliance on investment banking revenue could pose risks in a volatile market. The bank has also made strides in expanding its digital banking services, which have seen increased customer adoption.
Looking ahead, Barclays plans to focus on digital innovation and exploring new revenue streams to sustain growth in 2025.
